Clipwrap will take the footage and rewrap it.
So you give it 29.97i AVCHD, it will rewrap that (without touching it, jsut a new container) to 29.97i h264. Basically moving the data from one bucket to another. There is no loss of quality, it will be the same quality as the inout format.
It can also transcode, to ProRes or other codec, but the format will stay the same, 29.97i or whatever the footage the format is.
Compressor will take the input format, and you can process it to another codec AND frame rate (or size). So if you need to remove pulldown Compressor can take the 29.97i telecine footage, remove the pulldown and leave 23.976 footage in whatever codec you want.
Make sense? Either wya is fine, it’s just depends on what you want in the output footage.